SRH AlsterResearch AG Initiation: Symrise AG - Sustained sales and earnings growth, despite macro headwinds

Symrise AG Chemical Market Cap EUR 13.5bn HOLD, PT EUR 100.00 (upside 1%) Symrise AG_update Symrise reported reliable results in an exceptional year (2020), with a marginal miss in sales guidance amid the cyber-attack in late Q4 2020 and EBITDA in line. Organic sales growth is expected to accelerate this year, as pandemic-related headwinds are likely to ease and business activities have normalised following the cyber-attack. Moreover, mid-term targets seem achievable on an expanded portfolio and planned integration of the Flavor and Nutrition divisions, which may offer strong cross-selling opportunities. We initiate our coverage with a HOLD recommendation and a PT of EUR 100.00, based on our DCF model For 5 current investment ideas, check our Weekly Screener Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de